Month: September 2015

Leading up to the event. Cityscape Global explores middle-income housing solutions

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In a pre-emptive move for the region's largest real estate event, speakers at the Cityscape Global conference, which began in Dubai yesterday, emphasized the urgent need to provide low- and middle-income housing units in the Dubai real estate market, revealing a shortage of housing units suitable for low-income groups, which includes more than 820,000 families, representing approximately 40% of all families in the UAE. Only 22% of the housing units launched in the emirate in 2015 were suitable for this segment.

Social influence

During the conference sessions, Craig Plumb, Head of Research at JLL MENA, warned of the socio-economic impact of the lack of supply of middle-income housing in the MENA region, and called for more efforts to correct the current imbalance between supply and demand in this segment.

Reasons for the severe shortage of housing units

The reasons for the acute shortage of housing units are five main factors that have contributed to this shortage and the high prices that are unaffordable for middle-income groups: high land prices, high capital costs to build the necessary infrastructure such as roads, electricity and sewage, the adoption of prefabricated construction techniques, which has contributed to higher construction costs, lower financial returns for middle-income housing compared to other segments, making it less attractive to real estate developers, and the limited ability to obtain appropriate financing.

Preference for residential real estate investment

A study conducted by YouGov, a global market research company, confirmed that more than half of investors prefer residential real estate as their first choice to spend $10 million in the UAE real estate market, noting that 60% of investors consider the UAE among the most promising regions for the real estate sector.

JLL defines middle-income housing as housing provided by the market that is affordable to the middle-income segment of families (40%-60%) based on the assumption that these families spend no more than 30% of their total household income on housing.

 

Investment Authority: The license is valid for 15 years... Only three documents are required... and it takes five days to process applications

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Reading time: < 1 MinuteThe General Investment Authority issued a statement outlining the key measures it has announced regarding investment licensing, which can be summarized as the implementation of a fast-track service mechanism (3 documents and 5 business days) to issue licenses for all investment applications in the Kingdom without exception, meaning that all investment companies will benefit from this advanced step taken by the Authority, as the required documents have been reduced from 12 … Read more

Minister of Commerce and Governor of Investment welcome invitation to foreign companies to expand investment in Saudi Arabia

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Reading time: < 1 MinuteHis Excellency the Minister of Commerce and Industry stated that the purpose of the King’s gracious directive to facilitate the operations of international companies and provide incentives is to attract international manufacturers directly, enable international companies to sell their products directly to consumers, benefit from exceptional after-sales service, increase competitiveness, create good opportunities for Saudi youth, train and develop the skills of young people at training centers affiliated with the investing companies, and encourage … Read more

Dubai Properties showcases One JBR at Cityscape Global 2015

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Reading time: < 1 MinuteDubai Properties, a subsidiary of Dubai Properties Group, plans to showcase its «One JBR» tower project at Cityscape Global 2015, which will be held from September 8 to 10 at the Dubai World Trade Centre. The new tower project is located at the entrance to Jumeirah Beach Residence and aims to provide a luxurious and comfortable lifestyle; all residential units in … Read more

Cityscape Dubai is booming. Azizi Developments launches 20 projects worth AED 4.5 billion

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Reading time: < 1 Minute  Azizi Developments has completed its preparations to participate in Cityscape, which kicks off tomorrow in Dubai, showcasing luxury projects in strategic locations, ranging from one-bedroom, two-bedroom, and three-bedroom units, carefully designed to satisfy all customers with diverse tastes. Azizi Developments’ portfolio includes 20 projects located in the Al Furjan area, close to major landmarks … Read more

Majid Al Futtaim showcases three communities in three countries at Cityscape Dubai 2015

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Reading time: < 1 Minute  The UAE-based company Majid Al Futtaim is preparing to participate for the first time in Cityscape Global, which kicks off tomorrow, Tuesday. The company will unveil mixed-use projects and its pioneering plans for the future of residential communities. These include some of the region’s most ambitious urban development projects, featuring prominent residential complexes in the United Arab Emirates, Lebanon, and Oman. They are tailored to their lifestyle… Read more

High-level delegation from Amlak leaves for Cityscape Global Dubai 2015

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Reading time: < 1 MinuteA high-level delegation from “Amlak” Real Estate Newspaper, headed by Editor-in-Chief Mr. Abdulaziz Al-Issa, has departed for the United Arab Emirates to participate in the Cityscape Global exhibition, which will open tomorrow, Tuesday, in Dubai and run for three days. The editorial and reporting team accompanying the delegation will provide press coverage of the exhibition’s events. “Amlak” newspaper’s participation in this event… Read more

Saudi and U.S. companies sign 14 agreements during Washington Investment Forum

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Reading time: 3 MinutesA number of Saudi companies signed agreements during the Saudi-U.S. Investment Forum, organized by the Saudi-U.S. Business Council and the General Investment Authority, which concluded yesterday in Washington, The agreements covered most vital sectors such as healthcare services, pharmaceuticals, industry, tourism, training, housing, employment, and other key sectors. The newspaper (Amlak) reports on the agreements that were signed … Read more

Saudi-U.S. Investment Forum Sees Signing of Private Sector Agreements to Exchange Expertise and Transfer Technology

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Reading time: < 1 MinuteDuring the Saudi-U.S. Investment Forum, organized by the Saudi-U.S. Business Council and the General Investment Authority and which concluded yesterday in Washington, a number of economic agreements and memoranda of understanding were signed between Saudi and American companies, coinciding with the visit of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud—may God protect him—to the United States of America. The agreements focused … Read more

Saudi companies prepare to showcase their investments at Cityscape Global Dubai 2015 Next Tuesday

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Reading time: < 1 MinuteA number of real estate development and marketing companies in the Kingdom are preparing to announce their new investments in the residential and hotel sectors by participating in Cityscape Global Dubai, which will be held from September 8 to 10 at the Dubai World Trade Centre. This strong participation by Saudi real estate companies is a result of the growing trend of Saudi investments in the real estate sector… Read more

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